51CWhat is *development value*?

51C What is *development value*?

(1) In this Division development value, in respect of a development that is a stand-alone subdivision or a combined development, means the amount that is the sum of the following amounts—

(a) the amount that is the estimated site value of the land that is to be subdivided; and

S. 51C(1)(b) amended by No. 48/2025 s. 73(4).

(b) subject to section 51D(3), the estimated cost of the building work.

(2) In this Division development value in respect of a development that is stand-alone building work means the total of the following amounts—

(a) the site value of the land to be used for the development; and

S. 51C(2)(b) amended by No. 48/2025 s. 73(5).

(b) the amount that is the cost of the building work (calculated in accordance with section 3A of the Building Act 1993) for the development.

(3) Despite subsection (1), if an infrastructure recovery charge has previously been paid under this Division in respect of stand-alone building work on land, development value for the purposes of this Division for a subsequent development of that land that is a stand-alone subdivision is to be the amount that is the difference between the following amounts—

(a) the site value of the land that is to be subdivided; and

(b) the amount that is the estimated site value of the land that is to be subdivided.

S. 51C(4) amended by No. 48/2025 s. 73(6).

(4) Despite subsection (2), if a general development charge or an infrastructure recovery charge has previously been paid under this Division in respect of land, development value for the purposes of this Division for a subsequent development of that land that is stand-alone building work is to be the amount that is the cost of the building work (calculated in accordance with section 3A of the Building Act 1993) for the development.

S. 51D inserted by No. 35/2006 s. 7.